Lee Charnley insists Newcastle United have “backed” Rafa Benitez ever since the Spaniard took charge - and the managing director claims the club will continue to do so going forward.

However, the Magpies’ sole director admits that “it will take time” for Newcastle to be able to compete in the transfer market with some of their established Premier League rivals, given the significant financial hit United took following relegation in 2016.

Benitez’s representatives are still in negotiations with Charnley about potentially extending the Magpies’ manager’s current deal, which has just a year left to run.

And, though it appears likely Benitez will be in the St James’ Park dugout come the start of the 2018/19 campaign, the Spaniard wants reassurances if he is to commit to Newcastle long term.

His potential transfer budget is only one of many very important elements Benitez wants confirmation of. The Spaniard also wants to know - among many other things - that he can improve Newcastle’s training ground, radically overhaul the Academy and Under-23 set up, continue to upgrade and bolster his scouting team, and streamline United’s approach to completing transfer deals.

But it is not just actual substantive improvements Benitez wants to see off the pitch; he also needs to know that attitudes at the football club will change - and that Newcastle match his own ambitions, which are to push for European qualification and to compete for trophies.

Owner Mike Ashley released a statement earlier this month stating that Benitez could have “every penny generated” by the club to spend on transfers, yet seemingly the United manager is not satisfied by the budget which he is currently being afforded.

Charnley though is insistent Benitez has been “backed” by the club over the last two seasons, and will be again in the transfer market this summer.

Speaking to Chronicle Live after Newcastle’s account for 2016/17 revealed that the club made a £90.9million loss following relegation, Charnley said: “We did spend money to get promoted. If we had spent a significant amount less on wages, would we have a greater figure to spend on transfers?

Newcastle United managing director Lee Charnley (Image: PA)

“Yes, we probably would. But we might not be back in the Premier League now had we done that, and it would be a moot point.

“The reality is that 2017/18 was our first season back in the top flight, having missed out on the first year of the current TV deal, and we are trying to compete with teams who have more money than us.

“It will take time to catch them. But we have backed the manager, and we will keep backing the manager, as the owner made clear in his statement.”

One point which has irked Charnley and the Newcastle hierarchy in recent years are some of the fees quoted in relation to player transfers.

In the managing director’s opinion, often incorrect values have been associated with the club - such as the £30million net ‘profit’ claim from the summer of 2016 following relegation.

Charnley is adamant such a figure is incorrect - primarily because the huge fees received for Moussa Sissoko and Georginio Wijnaldum are actually spread over a four-year period and were not available as cash that summer.

But also, agent payments and other transfer-related fees are not taken into account, which Charnley claims can make transfers far more expensive than they initially appear.

Moussa Sissoko (Image: AFP)

Citing a £100m net spend since July 2015, and also a £46m net spend in 2017/18, Charnley is adamant Benitez has received the club’s backing - and will so again going forward, too.

It must be noted though that the net £80m Newcastle spent on transfers in 2015/16 was under Steve McClaren’s watch. The club have spent more than £50m net on transfers since Benitez took charge, though many fans would argue that figure needs to be far greater in the current inflated market - and following on from what certain supporters may feel were years of under-investment in the team.

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“Often transfer figures which are cited are not accurate. In some cases, they actually bear no resemblance to reality,” Charnley added.

“There are agents fees and other fees involved which are not taken into account. Our accounts show we have made a £100m net spend since July 2015.

“We have backed the manager, and we will continue to do so.”

Something which Charnley is open and honest about is that Newcastle took a massive risk with their approach following relegation.

Had United failed to achieve promotion at the first time of asking, then “disastrous” consequences would have awaited the club - both from a financial and football point of view.

Newcastle United manager Rafa Benitez (Image: Getty Images Europe)

The managing director is therefore keen to praise Benitez, the United players and Newcastle fans for helping ensure the Magpies did return at the first time of asking and did not end up in a “messy” situation long term.

“We feel our approach gave us the best possible chance of coming back at the first time of asking,” Charnley explained.

“If we had not been promoted, it would have been disastrous from both a financial and a football point of view.

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“What we did simply wasn’t sustainable, neither from a playing staff point of view, or for Financial Fair Play. It was a one-season gamble, and one which required us to be promoted. There was no two ways about it.

“It would have been very messy if we had not got back up at the first time of asking, because we were running what was essentially a mid-table Premier League budget in the Championship.

“We really backed our manager, and both he and the players delivered. I want to make special mention to the players, because I sometimes think they get overlooked, but they were tremendous last season and again this year, just as the manager has been.